Interest rate remains unchanged / News / The Foreigner

Interest rate remains unchanged. Norwegian Central Bank says country possibly on target. At its monthly interest rate meeting today the bank decided not to alter the rate, which currently stands at 1.25 percent. Milder The bank says that although the effects of the global recession are affecting the Norwegian economy, its impact on the country is not as severe as on others.

norwegian, central, bank, governor, svein, gjedrem, interest, rate, unchanged, inflation, targets, caution



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Interest rate remains unchanged

Published on Wednesday, 12th August, 2009 at 16:33 under the news category, by Michael Sandelson   .

Norwegian Central Bank says country possibly on target.

Norwegian Central Bank Exec. Board
Norwegian Central Bank Exec. Board
Photo: Sturlason/Norges Bank


At its monthly interest rate meeting today the bank decided not to alter the rate, which currently stands at 1.25 percent.

Milder

The bank says that although the effects of the global recession are affecting the Norwegian economy, its impact on the country is not as severe as on others.

“Inflation is approximately in line with what is expected. Underlying inflation is close to the target rate of 2.5 percent. Unemployment has been lower than projected and the financial market situation has improved,” says Svein Gjedrem, the bank’s governor.

A word of caution

But despite the fact that Gjedrem believes the slow in output and employment will be shallower in Norway than first predicted, he is wary of counting a reversal in the world’s economy completely out yet.

“It is nonetheless too early to determine whether the business cycle has turned,” he says.



Published on Wednesday, 12th August, 2009 at 16:33 under the news category, by Michael Sandelson   .

This post has the following tags: norwegian, central, bank, governor, svein, gjedrem, interest, rate, unchanged, inflation, targets, caution.





  
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